HomePath Mortgage: Better Than FHA?

The Fannie Mae Home Path mortgage program is popular with homeowners here in Arizona who have found a home that is currently owned by Fannie Mae. The Home Path mortgage can help them get an even better deal on a bank owned home by providing excellent financing — even better than you can find with FHA.

HomePath Mortgage Financing

The HomePath mortgage is for people who are buying a home owned by Fannie Mae with the intent that it will be their primary residence. It is fairly easy to tell if a property is eligible for HomePath financing because usually it will be noted on the MLS or you can also search on the HomePath.com website.

HomePath mortgage benefits include:

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance
• No appraisal fees
• No declining markets policy
• No more than 10 financed properties
• No prepayment penalties

HomePath Renovation Mortgage

If you are looking at a home that is in need of a few repairs, the HomePath renovation mortgage may be the right financing package that will get you the funds for repair that you want. You will often see homes that are eligible for this program with the above logo on the sales sheets and will usually find more information in the remarks section of the MLS.

HomePath Renovation Mortgage Highlights:

• Financing to fund both your purchase and light renovation
• Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
• No mortgage insurance

So if you are in the market of buying a home that is currently owned by Fannie Mae – whether it needs repairs or not… be sure to ask your Realtor or loan officer about the HomePath mortgage program. We are happy to help you with your HomePath mortgage financing, call us to find out more details.